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The Economy's Auto Bailout Writer

Assignment id 1007189
Discipline Writing
Assignment type Essay
Words 2530
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Two major car companies, General Motors (GM) and Chrysler, went bankrupt during the excellent Recession. The Government had to make a choice; to get involved with helping them, which would assist the market, or let them struggle for themselves. Both choices would render some American citizens angry at the government. The Government chose to help them by establishing the automobile Bailout in addition to different applications like TARP. Although some think the automobile Bailout didn't help small supplier companies, it had been the ideal move for the government to take because it helped prevent our market from moving further to a depression. The Auto Bailout started in 2008 following the Wonderful Recession occurred in 2007. Its purpose was to loan funds to GM and Chrysler to stop them from shutting down. In the event the car firms went bankrupt, the provider companies would also go bankrupt and lots of taxpayers would lose their projects. Giving loans to them would raise economic activity and help to bring the US out of the excellent Recession. At first, the Government was just going to cover $17.4 billion for the bailout. GM desired $13.4 billion and now Chrysler wanted $4 billion. The total cost was approximately $80 billion. This excess amount of money came from the authorities when they bought each of the stocks from GM and forced them to have a new CEO for equity. Chrysler has been forced to let the foreign car company, Fiat, run Chrysler for now. The Government did this to attempt to help both car companies from making decisions that would impact the economy negatively. Each of the stocks bought from GM were sold that helped to earn up money owed to the Government. With this "final sale of GM stock, ''this] important chapter of the country's history is currently closed" (Treasury Secretary, Jacob J. Lew). The Auto...

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